Kraken Robotics (CVE:PNG) Stock Crosses Below 50-Day Moving Average – Here’s Why

Shares of Kraken Robotics Inc. (CVE:PNG) crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$2.53 and traded as low as C$2.37. Kraken Robotics shares last traded at C$2.42, with a volume of 602,664 shares traded.

Analyst Ratings Changes

Several brokerages have weighed in on PNG. Desjardins set a C$3.60 target price on Kraken Robotics and gave the stock a “buy” rating in a report on Wednesday, February 12th. Raymond James raised Kraken Robotics to a “moderate buy” rating in a research report on Thursday, January 23rd. Finally, Canaccord Genuity Group upped their target price on Kraken Robotics from C$2.00 to C$2.50 in a research report on Friday, November 22nd.

Kraken Robotics Stock Up 1.7 %

The company has a 50-day moving average of C$2.53 and a 200-day moving average of C$2.24. The company has a market capitalization of C$657.94 million, a price-to-earnings ratio of 64.03 and a beta of 1.15. The company has a current ratio of 2.78, a quick ratio of 0.64 and a debt-to-equity ratio of 34.32.

Insider Activity at Kraken Robotics

In other news, Senior Officer Gregory Michael Reid acquired 16,260 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were acquired at an average cost of C$2.46 per share, with a total value of C$39,999.60. Also, Senior Officer David Shea acquired 11,954 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was purchased at an average cost of C$2.64 per share, for a total transaction of C$31,558.56. 10.13% of the stock is currently owned by corporate insiders.

About Kraken Robotics

Kraken Robotics Inc, a marine technology company, engages in the design, manufacture, and sale of sonar and optical sensors, batteries, and underwater robotic equipment for unmanned underwater vehicles used in military and commercial applications in Canada, the Asia Pacific, Europe, the Middle East, Africa, North America, and internationally.